FPA New Income Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, FPA New Income Fund held 342 positions with $11.21B in net assets. Its ten largest holdings made up 38.2% of the fund. The FPNIX share class costs 0.45% a year. Over the 12 months to May 2026, FPNIX returned 4.4%, with dividends reinvested. In 2026 Q2 it added 13 new positions and exited 12.
The FPA New Income Fund (the "Fund") seeks to provide long-term total return, which includes income and capital appreciation, while considering capital preservation.
The fund invests in a diversified portfolio of debt instruments rated at least A- or equivalent, including corporate and municipal bonds, bank loans, mortgage-backed securities, and asset-backed securities, with up to 25% in below-investment-grade or unrated debt. The fund may also hold up to 25% in non-U.S. securities, up to 15% in structured mortgage products, and up to 5% in preferred stocks. Because the fund's selection depends on credit ratings and instrument type rather than a fixed benchmark, its composition will shift as credit quality and market conditions change.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
US TREASURY N/B 3.88% · due 2031-04-30 | 9.47% | $1.06B | — | — |
US TREASURY N/B 3.50% · due 2031-02-28 | 8.88% | $995.22M | — | — |
US TREASURY N/B 3.75% · due 2031-01-31 | 7.16% | $802.09M | — | — |
TREASURY BILL 0.00% · due 2026-07-09 | 2.35% | $263.74M | — | — |
US TREASURY N/B 3.50% · due 2030-11-30 | 2.12% | $237.60M | — | — |
TREASURY BILL 0.00% · due 2026-07-02 | 2.10% | $235.78M | — | — |
US TREASURY N/B 3.63% · due 2030-12-31 | 1.94% | $216.85M | — | — |
TREASURY BILL 0.00% · due 2026-07-16 | 1.53% | $171.47M | — | — |
TSY INFL IX N/B 1.25% · due 2031-04-15 | 1.51% | $169.79M | — | — |
PHIGPHI Group Inc | 1.09% | $121.81M | 3.8M | $32.00 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
The 200 largest of 342 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Securitized | 53.19% |
| Bonds | 43.85% |
| Stocks | 1.58% |
| Loans | 0.60% |
| Cash & short-term | 0.15% |
How it has done
FPNIX share class · total returns with dividends reinvested
Volatility over the last 12 months: 2.23%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.45% | +4.40% | — | — | — | |
| 0.55% | +4.25% | — | — | — |
These classes hold the same portfolio, so the 0.16pp spread over 1 year is the cost difference between them — roughly 0.16pp a year — not a difference in what they own.
Fees & fund details
FPA New Income Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Short duration
- Expense ratio, by class
- 0.45% – 0.55%· FPNIX 0.45%
- Portfolio turnover
- 41.00% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
13 new· the largest 5
12 exited· the largest 6
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 86.8% |
| Floating rate | 13.2% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 7.0% |
| 1-3y | 10.7% |
| 3-5y | 44.8% |
| 5-10y | 9.9% |
| 10y+ | 27.6% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 51% |
| Interest rates | 49% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +3.18 yr |
| High yield | +0.00 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.28 yr | 9% |
| 5 yr | 1.55 yr | 52% |
| 10 yr | 0.68 yr | 23% |
| 30 yr | 0.48 yr | 16% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.28 yr | 9% |
| 5 yr | 1.60 yr | 50% |
| 10 yr | 0.75 yr | 24% |
| 30 yr | 0.54 yr | 17% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.00 | +0.00 | +0.00 | $2.9k | $0 |
| 1 yr | +0.28 | +0.28 | +0.00 | $315.7k | $1.7k |
| 5 yr | +1.55 | +1.60 | +0.00 | $1.80m | $2.3k |
| 10 yr | +0.68 | +0.75 | +0.00 | $843.2k | $721 |
| 30 yr | +0.48 | +0.54 | +0.00 | $601.5k | $48 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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